China bags Iranian tender; Pakistan still active; Latin America drops

摘要

Pakistan remains the most active market globally, taking another Chinese DAP cargo ex-Dongsheng at prevailing prices in the mid-$310s/t cfr but netting yet again lower in China. This is the first time Chinese DAP has ever dipped below $300/t fob. In India, Chambal bought a cargo of Saudi DAP - relating to a deal thought to have been concluded in September. With official stocks at over 1.3mn t (up over 50pc year on year) as of end September Indian demand is sidelined and prices notional.